Canadian Gold Hunter and Sanu Resources Business Combination Completed
21 August 2009 - 1:00AM
Marketwired
Canadian Gold Hunter Corp. (TSX: CGH) ("Canadian Gold Hunter") and
Sanu Resources Ltd. (TSX VENTURE: SNU) ("Sanu") are pleased to
report that the previously announced business combination between
the two companies has closed.
Sanu shareholders approved the business combination at a special
meeting held on August 17, 2009, and the transaction has received
all the requisite regulatory and court approvals. Sanu is now a
wholly-owned subsidiary of Canadian Gold Hunter. Sanu's common
shares are expected to be delisted from the TSX Venture Exchange
shortly hereafter.
Pursuant to the Arrangement Agreement, Canadian Gold Hunter
acquired all of the issued and outstanding shares of Sanu on the
basis of 0.5725 shares of Canadian Gold Hunter for each one Sanu
share (the "Exchange Ratio"). All outstanding Sanu options and
warrants have been exchanged for replacement options and
replacement warrants of Canadian Gold Hunter based on the Exchange
Ratio.
Dr. Wojtek Wodzicki, President and CEO of Canadian Gold Hunter,
commented, "This transaction represents a pooling of the expertise
of two well-regarded exploration companies and its resulting
globally diversified portfolio provides a platform for entry into
all major regions. The combined entity will move forward as a more
powerful and relevant company with a significantly enhanced profile
in the market place. We are excited about the opportunities ahead
of us and look forward to much success and growth in the years to
come."
In connection with the business combination, Dundee Securities
Corporation provided financial advice and a fairness opinion to the
special committee of the Board of Directors of Sanu.
Canadian Gold Hunter is also pleased to announce the appointment
of Mr. Michael Winn to the Company's Board of Directors.
Mr. Winn served as a director of Sanu from March 2004, until the
closing of the Company's business combination with Sanu on August
20, 2009. Mr. Winn is currently President of Terrasearch Inc., a
consulting company that provides investment analysis and financial
services to companies operating in the oil & gas mining, and
energy sectors. Prior to forming his company in 1997, Mr. Winn
spent four years as an analyst for a Southern California based
brokerage firm where he was responsible for the evaluation of
emerging oil and gas and mining companies. Mr. Winn has worked in
the oil and gas industry since 1983 and the mining industry since
1992, and is also a director of several companies operating in
Canada, Latin America, Europe and Africa. Mr. Winn has completed
graduate course work in accounting and finance and received a B.S.
in geology from the University of Southern California.
Dr. Wodzicki commented, "We are very pleased to have Michael
join Canadian Gold Hunter's Board. He brings a wealth of financial
and industry expertise to the Board."
Brian Bayley, Richard Clark and Neil O'Brien have resigned from
the Board of Directors of Sanu to adjust for Sanu's Canadian Gold
Hunter subsidiary status.
About Canadian Gold Hunter
Canadian Gold Hunter Corp. is an international, multi-commodity
exploration company with a large portfolio of gold/copper projects
in Canada, Mexico and several countries in South America and
Africa. Projects range from grass-roots to advanced
resource-definition stage.
ON BEHALF OF THE BOARD
Wojtek Wodzicki, President and CEO
Forward-Looking Statements
This news release contains certain forward-looking statements
relating to Canadian Gold Hunter and Sanu that includes risks and
uncertainties. All statements, other than statements of historical
fact, are forward-looking statements. When used in this news
release, the words "anticipate", "will", "believe", "estimate",
"expect", "target", "plan", "may" and similar expressions, identify
forward-looking statements with respect to events that "may" or
"will" occur. Forward-looking statements are necessarily based upon
a number of assumptions and current expectations that, while
considered reasonable by Canadian Gold Hunter and Sanu as at the
date on which they were made, are inherently subject to significant
uncertainties and risks. Many factors, both known and unknown,
could cause the actual results, performance or achievements to
differ materially from those expressed or implied by such
forward-looking statements. Assumptions upon which such
forward-looking statements are based include that the transaction
will be completed, that all required third party regulatory,
governmental and shareholder approvals for the transaction will be
obtained and all other conditions to completion of the transaction
will be satisfied or waived. Many of these assumptions are based on
factors and events that are not within the control of Canadian Gold
Hunter or Sanu and there is no assurance they will prove to be
correct. Although Canadian Gold Hunter and Sanu have attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Canadian Gold Hunter and Sanu undertake no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements. Other risks are set
forth in the annual information form of Canadian Gold Hunter.
Contacts: Canadian Gold Hunter Corp. Sophia Shane Corporate
Development (604) 689-7842 www.canadiangoldhunter.com
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